Mid-Afternoon Market Update: Markets Turn Upwards, MBIA Spikes

Toward the end of trading Monday, the Dow traded down 0.22 percent to 14,120.29 while the NASDAQ rose 0.29 percent to 3,178.86. The S&P also rose, gaining 0.38 percent to 1,523.18. Index Technicals:
The S&P 500 looks to be struggling with its 1,525 resistance, while still holding its 1,495 support. The Dow will also struggle to hold its breakout over 14,058, with 14,149 acting as upper level resistance, while the 20 EMA provides support below at 13,950. The Russell struggles with its 916 resistance, while holding lower support at 894. Finally, the NASDAQ looks to have resistance at 3,180 with lower support at 3,120 and 50 EMA support at 3,126.58. Top Headline
Hess HES announced its plans to exit its retail, energy marketing, and energy trading businesses. The company also announced its plans to buy back up to $4 billion in stock and raise its annual dividend to $1 per share. Equities Trading UP
MBIA MBI rose at the open, then shot upwards around 1pm, gaining 22.74 percent $12.66 following a New York Supreme Court ruling in the company's favor, overturning an earlier ruling stating the company's 2009 restructuring was illegal. Shares of MGIC Investment MTG were also up, gaining 15.83 percent to $4.39 in a gradual gain across today's session after it rode sentiment of an improving housing industry. Theravance THRX was up as well, gaining 14.46 percent to $23.95 after speculation emerged of a possible Glaxo buyout. Equities Trading DOWN
Select Comfort SCSS shares tumbled 15.92 percent to $17.25 after the company issued business performance update and expects to miss its internal goals for its first quarter. Hecla Mining Co HL was also down, falling 13.36 percent to $4.02 after the company announced its plans to buy Aurizon Mines for C$4.75 per share. Shares of Atlantic Power AT were down 17.02 percent to $5.91. The company's project income dropped in the fourth quarter. Commodities
In commodity news, oil traded down 0.60 percent to $90.14, while gold traded down 0.02 percent to $1,571.50. Silver traded up 0.07 percent Monday to $28.52, while COMEX copper rose 0.54 percent to $352.00. Eurozone
European shares were mostly lower save for Spain in early trade on fears of a global slowdown led by China and on Italian political fears. Spain's unemployment rate rose to a massive 27 percent in February as more than 59 thousand workers filed for new unemployment claims in Spain. The Spanish Ibex Index gained 0.72 percent and the Italian FTSE MIB Index dipped 0.85 percent. The STOXX Europe 600 Index fell 0.04 percent, London's FTSE 100 Index dropped 0.52 percent, French CAC 40 Index rose 0.27 percent and German DAX 30 index fell 0.21 percent. Economics
On the economics calendar Monday, the Treasury is set to auction 3- and 6-month bills. Also, the TD Ameritrade Investor Movement Index should shed light on retail flows in February.